Investment Themes - Recommended stocks include Huaxin Cement, China State Construction, and Ningde Times in the cyclical sector[2] - In the consumer sector, recommended stocks include Hengrui Medicine and Shanxi Fenjiu[2] - In the power equipment and new energy vehicle sector, recommended stocks include Ningde Times and Goldwind Technology[2] - In the TMT sector, recommended stocks include Longi Green Energy and Luxshare Precision[2] Market Performance - As of September 30, 2025, the Shanghai Composite Index rose by 12.73%, the Shenzhen Component Index by 29.25%, and the ChiNext Index by 50.40%[4] - The average gain of the recommended stock portfolio was 33.11%, significantly outperforming the CSI 300 Index's gain of 17.90%[4] - Key outperformers included Huaxin Cement and Ningde Times, with quarterly gains exceeding 50%[4] Economic Outlook - The macroeconomic environment remains stable, with a focus on "appropriate easing" in monetary policy to support growth[4] - The manufacturing PMI showed signs of recovery but remained in contraction territory as of September[4] - The report anticipates continued inflow of foreign capital due to the Federal Reserve's interest rate cuts, enhancing the attractiveness of equity assets[4] Company Highlights - Huaxin Cement's projected EPS for 2025 is 1.30, with a PE ratio of 14.27[6] - China State Construction's projected EPS for 2025 is 1.16, with a PE ratio of 4.68[12] - China Rare Earth's projected EPS for 2025 is 0.34, with a PE ratio of 150.92[25] - Hengrui Medicine's projected EPS for 2025 is 1.26, with a PE ratio of 56.90[33]

Core Viewpoint - The sports sector experienced a rise of 1.16% on October 10, with Zhongti Industry leading the gains, while the overall market indices, Shanghai Composite and Shenzhen Component, saw declines of 0.94% and 2.7% respectively [1] Group 1: Market Performance - On October 10, the Shanghai Composite Index closed at 3897.03, down by 0.94%, and the Shenzhen Component Index closed at 13355.42, down by 2.7% [1] - The sports sector stocks showed mixed performance, with Zhongti Industry closing at 9.18, up by 1.44%, and Lisheng Sports closing at 14.87, up by 0.07% [1] Group 2: Capital Flow - The sports sector experienced a net outflow of 25.85 million yuan from institutional investors, while retail investors saw a net inflow of 23.67 million yuan [1] - Lisheng Sports had a net outflow of 8.64 million yuan from institutional investors, with retail investors contributing a net inflow of 8.94 million yuan [1] - Zhongti Industry faced a net outflow of 17.21 million yuan from institutional investors, while retail investors had a net inflow of 14.73 million yuan [1]

证券代码：002858 证券简称：力盛体育 公告编号：2025-073 力盛云动（上海）体育科技股份有限公司 关于回购公司股份的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 （1）委托价格不得为公司股票当日交易涨幅限制的价格； 一、回购公司股份的具体情况 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等有关规定，回购期间，公司应当在每个月的前三个交易日 内披露截至上月末的回购进展情况，现将公司回购股份的进展情况公告如下： 截至 2025 年 9 月 30 日，公司通过回购专用证券账户以集中竞价交易方式回 购公司股份 1,793,100 股，占公司总股本的 1.0939%，最高成交价为 16.4000 元/ 股，最低成交价为 12.3000 元/股，成交总金额为 23,413,044.00 元（不含交易费 用）。本次回购符合相关法律法规的要求，符合公司既定的回购方案。 二、其他说明 1、公司回购股份的时间、回购的股份数量、回购股份价格及集中竞价交易 的委托时段符合《深圳证券交易所上市公司自律监管指引第 9 号 ...

Group 1 - The sports sector experienced a decline of 1.06% on October 9, with Lisheng Sports leading the drop [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] - Key stocks in the sports sector showed varied performance, with Zhongti Industry closing at 9.05 (-0.88%) and Lisheng Sports at 14.86 (-1.78%) [1] Group 2 - The sports sector saw a net outflow of 35.61 million yuan from institutional investors, while retail investors had a net inflow of 14.93 million yuan [1] - Lisheng Sports had a net outflow of 11.01 million yuan from institutional investors, with retail investors contributing a net inflow of 4.58 million yuan [1] - Zhongti Industry experienced a net outflow of 24.60 million yuan from institutional investors, with retail investors contributing a net inflow of 10.34 million yuan [1]

Group 1 - The "Double Festival" period has seen a surge in sports events across the country, becoming a significant growth driver in the holiday economy, with over 29,000 cultural and sports tourism integration activities planned, a 12% increase from last year [1] - Major international events such as the 2025 Shanghai Rolex Masters and the World Rowing Championships are taking place, highlighting the importance of localizing event IPs and cultivating proprietary brands within the sports industry [3] - The Shanghai Rolex Masters has seen high consumer engagement, with merchandise sales thriving and significant foot traffic at event-related venues, indicating strong spectator interest and spending [4] Group 2 - The concept of "second venue" consumption is emerging, with significant economic impact observed from event-related activities outside the main event locations, such as increased customer traffic in nearby shops and restaurants during events [4] - The potential value of event tickets is being further explored, with various promotions linked to ticket purchases, enhancing consumer engagement and driving sales in associated businesses [5] - The sports economy is becoming a new consumption engine, with online retail sales of sports goods exceeding 210 billion yuan in the first half of the year, reflecting a nearly 20% year-on-year growth [5][6]

Group 1 - The sports sector experienced a decline of 0.3% on September 30, with Zhongti Industry leading the drop [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] - Key stocks in the sports sector showed varied performance, with Lisheng Sports closing at 15.13, down 0.20%, and Zhongti Industry closing at 9.13, down 0.33% [1] Group 2 - The sports sector saw a net outflow of 10.90 million yuan from institutional investors, while retail investors had a net inflow of 9.49 million yuan [1] - Zhongti Industry experienced a net outflow of 1.00 million yuan from institutional investors, with retail investors contributing a net inflow of 1.94 million yuan [1] - Lisheng Sports had a significant net outflow of 9.90 million yuan from institutional investors, but saw a net inflow of 7.56 million yuan from retail investors [1]

力盛云动（上海）体育科技股份有限公司（简称"力盛体育"）近日针对深圳证券交易所出具的《关于力 盛云动（上海）体育科技股份有限公司申请向特定对象发行股票的第二轮审核问询函》，会同相关中介 机构进行了详细回复，就公司经营情况、募投项目等重要问题进行了说明。 业绩依赖与业务前景 力盛体育在报告期内业绩对Top Speed及上海擎速依赖度较高。Top Speed主营境外赛事和境外客户业 务，上海擎速主营境内客户业务。2023 - 2024年，因Top Speed体育赛事经营业务营收增加，带动公司 整体营收增长。除这两家公司外，其余业务板块2023年开始复苏，营收及盈利前景有所改善。 存货跌价准备主要集中在体育场馆经营和体育俱乐部经营业务。体育场馆经营业务规模大、存货多；体 育俱乐部经营业务虽存货规模小，但收入下滑致长库龄库存商品增加。体育场馆经营业务发展前景较 好，体育俱乐部经营业务受燃油车销量下滑影响，正拓展新能源汽车厂商客户。 应收账款增长与公司实际营运及收入规模匹配，不存在放宽信用政策扩大收入的情形，坏账准备计提充 分。境外客户回款情况良好，境外经营收入预计可持续。 募投项目解读 报告期内，公司营业收入分别为2 ...

国浩律师（上海）事务所 关于 力盛云动（上海）体育科技股份有限公司 | 第一节 律师申明事项 3 | | --- | | 第二节 正文 5 | | 第一轮审核问询函 5 | | 问题 1 5 | | 问题 3 52 | | 第二轮审核问询函 79 | | 问题 3 79 | | 第三节 签署页 109 | 2023 年度向特定对象发行 A 股股票 之 补充法律意见书（八） 上海市山西北路 99 号苏河湾中心 MT25-28 楼 邮编：200085 25-28/F, Suhe Centre, 99 North Shanxi Road, Shanghai, China 电话/Tel: +86 21 5234 1668 传真/Fax: +86 21 5234 1670 网址/Website: http://www.grandall.com. 二〇二五年九月 国浩律师（上海）事务所 补充法律意见书（八） 国浩律师（上海）事务所 关于力盛云动（上海）体育科技股份有限公司 2023 年度向特定对象发行 A 股股票 之 补充法律意见书（八） 致：力盛云动（上海）体育科技股份有限公司 国浩律师（上海）事务所（以下简称"本所" ...

申请向特定对象发行股票的第二轮审核问询函的回复 （修订稿） 保荐机构（主承销商） （江西省南昌市新建区子实路 1589 号) 二〇二五年九月 1-1 关于力盛云动（上海）体育科技股份有限公司 深圳证券交易所： 贵所出具的《关于力盛云动（上海）体育科技股份有限公司申请向特定对象 发行股票的第二轮审核问询函》（审核函〔2024〕120032 号）（以下简称"问 询函"）已收悉。力盛云动（上海）体育科技股份有限公司（以下简称"发行人"、 "公司"或"力盛体育"）会同国盛证券有限责任公司（以下简称"保荐机构"、 "保荐人"）、天健会计师事务所（特殊普通合伙）（以下简称"会计师"）、 国浩律师（上海）事务所（以下简称"发行人律师"）等中介机构对问询函所列 问题逐项进行了核实并制作完成问询函回复，并根据要求对相关申请文件进行了 修改和补充披露。 现将问询函相关问题回复如下，请贵所予以审核。 如无特别说明，本回复使用的简称与《力盛云动（上海）体育科技股份有限 公司 2023 年度向特定对象发行 A 股股票募集说明书》（以下简称"募集说明书"） 中的释义相同。 本回复中的字体代表以下含义： | 问询函所列问题 | 黑体（加粗 ...

目 录 | 一、问题一 …………………………………………………………第 | 1—25 | 页 | | --- | --- | --- | | 二、问题二…………………………………………………………第 | 25—59 | 页 | | 三、附件……………………………………………………………第 | 60—64 | 页 | | （一）本所营业执照复印件………………………………………第 | 60 | 页 | | （二）本所执业证书复印件………………………………………第 | 61 | 页 | | （三）本所从事证券服务业务备案完备证明材料………………第 | 62 | 页 | | （四）签字注册会计师证书复印件…………………………第 | 63—64 | 页 | 关于力盛云动（上海）体育科技股份有限公司 向特定对象发行股票的第二轮审核问询函中 有关财务事项的说明 天健函〔2025〕1095 号 深圳证券交易所： 由国盛证券股份有限公司转来的《关于力盛云动（上海）体育科技股份有限 公司申请向特定对象发行股票的第二轮审核问询函》（审核函〔2024〕120032 号，以下简称审核问询函）奉悉。我们已对审核问询函中所提及的力盛云动（ ...